S. No. | Debit / Credit | Account |
1 | Debit | Depreciation expense |
Credit | Accumulated Depreciation - Equipment | |
2 | Debit | Utilities expense |
Credit | Accounts payable | |
3 | Debit | Unearned service revenue |
Credit | Service revenue | |
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of...
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of uneamed revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries (1) Accrue salaries expense (2) Adjust the Uneared Services Revenue account to recognize earned revenue (3) Record services revenue eamed for which cash will be received the following period. through For each of the adjusting entries (1), (2), and (3. indicate the account to...
Top New Features in Sure Cuts A Lot 5 - YouTube Ch 3: Homework QS 3-4 Concepts of adjusting entries LO P1, P2, P3, P4 9.09 points During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearnec accounts. At the end of its annual accounting period, the company must make three adjusting entries. (U) Accrue salaries expense. (2) Adjust the Unearned Services Revenue account to recognize earned revenue. (3) Record services revenue earned...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record Interest revenue earned but not yet collected (nor...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record consulting services performed but not yet billed (nor...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below. Identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. B a. Entry to record revenue earned but not yet billed (nor...
SUNLAND COMPANY Trial Balance June 30, 2017 Debit Credit Cash $ 6,090 Accounts Receivable $6,190 Supplies 2,750 6,000 Equipment Accounts Payable 6,686 Unearned Service Revenue 3.150 Common Stock 12,000 Dividends 800 Service Revenue 6,480 Salaries and Wages Expense 3,450 Utilities Expense 985 $23,325 $31.256 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a customer on account was debited for $760,...
Knowledge Check 01 Aurora Corporation operated without insurance coverage for the first month of operations. Then onbrynen 54.800 premium on a two-year Insurance policy with benefits beginning on that date the company has Insurance expense will be reported on the company's income statement for their first year ended December $200 S. 200 54.600 4.800 Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited...